View on market: Stay Cautious, be with quality business:

Asian stocks were steady Tuesday as traders assessed weaker economic activity in China and the latest escalation in Beijing’s regulatory crackdown on private industries. Equities slipped in Japan and South Korea but pushed higher in Australia. U.S. contracts fluctuated after the S&P 500 notched its 12th all-time high in August and the Nasdaq 100 advanced. Apple Inc.’s market value scaled $2.5 trillion. The Singapore-traded SGX Nifty, an early indicator of India’s Nifty 50 Index’s performance, declined 0.27% to 16,919.50 as of 8:20 a.m. Treasuries held the gains made following Federal Reserve Chair Jerome Powell’s measured comments about a possible reduction in stimulus and any eventual interest-rate hikes. The dollar was little changed. In the latest U.S. data, pending home sales fell in July. Traders are awaiting key payrolls figures Friday for further guidance on the economy’s strength.

Major economic Data:

  • INR: GDP (YoY) (Q1) on31st August, 2021
  • INR: Infrastructure Output (YoY) (Jul)  on 31st August,2021
  • USD: CB Consumer Confidence on 31th August, 2021

Brokerage Radar:

CLSA on Bharti Airtel: Maintain buy at the price of Rs 625/sh for the target price of Rs 780/sh.Mittal sees a need for ARPU to reach 200 in 2022 vs our forecast of 199 by FY24. Co.  believes 5G will be a reality in H2FY23 at least in top cities. Co hopeful of spectrum pricing being lowered. See upside potential to our forecasts for Co. Valuation compelling at current levels.

Macquarie on Divi’s Lab.:Maintain outperform at the price of Rs 5140.25/sh for the target price of Rs 5438/sh.Co reiterated its focus on driving sustainable growth while maintaining margin. Well placed to monetise generic API tailwinds. It is also well placed for incremental opportunities from higher outsourcing.

International Markets:

U.S & Europe

Particulars 30thAug Chg Chg(%)
Nasdaq 15,265.89 136.39 0.9
Dow 35399.84 -55.96 -0.16
FTSE 7,148.01 23.03 0.32
CAC 6,687.30 5.38 0.08
DAX 15,887.31 35.56 0.22
Dow Fut.* 35,364.00 12 0.03

Asian markets:

Particulars 31stAug Chg Chg(%)
SGX Nifty 16,919.50 -45.00 -0.27
Nikkei 27,735.34 -53.95 -0.19
Straits Times 3,064.65 -37.46 -1.21
Hang Seng 25,156.68 -382.86 -1.5
Shanghai 3,511.23 -16.92 -0.48

ADR Watch:

Particulars 30thAug Chg Chg(%)
Dr Reddy 63.18 0.99 1.59
HDFC Bank 78.16 0.23 0.3
ICICI Bank 19.29 0.1 0.52
Infosys 23.72 -0.01 -0.04
Tata Motor 19.76 0.01 0.05
Wipro 63.18 0.99 1.59

Commodities & Currency

Particulars Current Price Chg(%)
USD/INR 73.51 -0.48
Brent 71.84 -0.54
Gold 1816.05      0.21
Silver 24.050 +0.18

FIIs & DII

Particulars         30th Aug         27th Aug
FIIs 1202.81 -778.75
DIIs 688.85 1646.19

News Update:

Tata Power Co. and Adani Power Ltd.: To sell power on exchange for one month, according to a Economic Times report. Ministry of Power will issue a statutory order allowing plants run by Tata Power Co. and Adani Power Ltd. at Mundra in Gujarat to sell electricity on the power exchanges for a month. About 3,200 MW capacity at Tata Power’s Mundra plant and Adani Power’s 1,200 MW plant will be allowed to sell on the power exchanges for a month to ease electricity supply, according to the report.

Bharat Forge: The company has clarified that media reports of the company being in talks with Tesla for auto components were incorrect.

Jindal Steel & Power: Board has approved a plan to raise up to $1 billion by selling bonds denominated in foreign currency or rupee in one or more tranches.

L&T: The company has completed the sale of its entire stake in L&T Uttaranchal Hydropower to ReNew Power Services.

HFCL: Board of Directors to meet on September 3 to consider the proposals for raising funds by way of issue of equity shares/preference shares/bonds/debentures/non-convertible debt instruments/warrants/any other securities, including through preferential issue on a private placement basis, QIP, rights issue or any other methods or combination thereof.

NHPC: The Unit 3 (60 MW) of Bairasiul Power Station in Himachal Pradesh has been tested and commissioned after completion of renovation and modernisation works. The commercial operation of Unit 3 will start from August 31, the company said.

Bank of India: Approved the closure of the issue period for QIP on August 30 and the issue price of Rs 62.89 per equity share. The issue price is at a discount of 4.99% to the floor price of Rs 66.19 per equity share.

Kotak Mahindra Bank:The bank has executed a Share Purchase Agreement for the sale of 20 crore equity shares of Airtel Payments Bank to Bharti Enterprises for Rs 294.8 crore.

Axis Bank:  Moody’s has assigned B1 (hyb) rating to the bank’s proposed offshore Additional Tier 1 (AT1) bonds.

HDFC Asset Management Company:The company has applied for 15 percent of the paid-up equity share capital of AMC Repo Clearing by paying an application amount of Rs 22.18 crore.

Acrysil: The company announced further expansion of production capacity by an additional 1,60,000 Quartz Sinks per annum through a greenfield project at Bhavnagar in Gujarat, taking the overall capacity to 1 million sinks per annum.

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